1992-066 Medonte
BY -LAW NO.
Municipal Corporation of the Township
BY.LAW to authorize the borrowing of $
WHEREAS pursuant to Section 189 of The Municipal Act the
to borrow monies from time to time to meet, until the taxes are
year 19 (hereinafter called "the year").
deems it
expenditures
amount to be
by this
only.
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AND WHEREAS the total amount the estimated
e.timated adopted for the (next preceding) year, not including revenues derivable derived from sale
of assets, borrowings or issues of debentures or from surplus including proceeds from the sale of assets is
$ 4,000,000,00
Delete ":lext preceding"
if estimates for current
year adopted.
AND WHEREAS the amount of uncollected revenues of the Corporation for the year based on the
estimated revenues for the (next preceding) year is, $ 4,000,000,00
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AND WHEREAS 70% of such uncollected revenues, less the amount of similar borrowings which
are still unpaid, is $ 2,800,000.00
THEREFORE the Council of the Corporation of the Township
Medonte hereby enacts as follows:
of
1. That the Head and Treasurer are hereby authorized on behalf of the Corporation to borrow monies
from time to time, by way of pr~missory note, from The Toronto-Dominion Bank, necessary to meet, until the
taxes are collected, the CUrrent expenditures of the Corporation for the year, provided that the amount that
may be borrowed at anyone time, together with the total of any similar borrowings that have not been re--
paid, shall not exceed the sum of
Two Million Eight Hundred Thousands Dollars
and to give, on behalf of the Corporation, to the said Bank a promissory note or notes, sealed with the
corporate seal and signed by the Head and Treasurer for the monies so borrowed with interest at the Bank's
prime interest rate wl,ich rate shall be as notified by the Bank to the Treasurer from time to time.
2. All sums borrowed pursuant to the authority of this By-Law as well as all other sums borrowed in
the year and all preceding years from the said Bank to meet current expenditures of the Corporation shall,
with interest thereon, be a upon the whole of the revenues of the Corporation for the year and for
all preceding years as and such revenues are received.
3. The Treasurer is hereby authorized and directed to in payment of all sums borrowed as
thereon, all of the monies hereafter collected or received either on account
the year and from any other source, which
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-
copy of By-Law No. of the
Corporation of of Medonte
in the Province of Ontario, duly passed at a meeting of the Council of the said Corporation duly held,
and that the said By-Law is in full force and effect.
DA TED this
14th
As Witness the Seal
of the Corporation
(Rev. (:).821